We have a very close relationship with PTT as a major shareholder, owning 49.54% market share in Thaioil.

In term of the strategic partner, PTT is our major customer since our refined petroleum products are sold to PTT under Product Offtake and Crude Oil Supply Agreement (the "POCSA"). Pursuant to the POSCA, PTT has agreed to purchase at least 49.99% of our total refining capacity and has also agreed to supply crude to us at prevailing market prices.

In addition, according to PTT's notification to SET dated 23 February 2006, PTT stated that Thaioil is PTT's flagship refinery which ensures us of PTT's continuous supports to Thaioil.

The Company shall pay the dividend not less than 25% of its consolidated net profit after deduction of all specified reserves, Subject to the Company and its affiliates’ cash flow and investment plans as well as other justifications and considerations that The Board of Directors deems appropriate.

We continue to focus on refinery projects by expanding our capacity to serve domestic demand, which enhances our efficiency and competitiveness. Investment in petrochemical business would be pursued to the extent that allowing optimum benefit to refinery material balance. For power business, we plan to enter into the next round of IPP bidding in order to stabilize our group's income.

The majority of our customers are long-term customers that have had relationships with us for decades. We sell our refined petroleum products to 3 major oil companies in Thailand, PTT, Shell Thailand and Caltex Thailand, which accounted for 60% of our refined petroleum products sales by volume. Approximately 30% is sold to Thai Paraxylene, Bangchak and other independent customers while the rest of 10% is exported to other countries in Asia.

Being a complex refinery, Thaioil has various configuration units that allow us to produce refined petroleum products that meet our customers' requirement. With various conversion units, it enables us to maximize middle distillate production (60% of our production), consisting of diesel and jet fuel. Approximately 30% is from light distillates, consisting of LPG, mixed-xylenes, unleaded gasoline, reformate and isomerate and 10% from heavy distillate consisting of fuel oil, long residue and bitumen.

We are capable of processing a wide range of crude oil. Approximately 80% of our crude oil is imported from the Middle East including United Arab Emirates, Oman and Yemen, 15% from Thailand, and to a lesser extent from countries in the Far East, including Brunei and Malaysia.

• Technological support from a leading global technical advisor, Shell Global Solutions International (SGSI)
• Outstanding performance among 50 Shell refineries
• Excellent efficiency and financial performance among regional refineries rated by Solomon Associates

Vision

Thaioil seeks to be one of the leading fully integrated refining and petrochemical companies in the region recognized for our sustainable growth, optimum stakeholder value, and commitment to environmental and social well-being

Mission

• To be PTT's flagship refinery through optimized management of the group's refining portfolio
• To expand facilities to better meet domestic demand growth
• To enhance the competitive advantage of our power generation operations to further solidify the core refining business
• To create a high-performance organization that promotes teamwork, innovation and trust